The family limited partnership has had its proponents and opponents over the past several years. A new taxpayer victory out of the Fifth Circuit will only fuel the debate over whether one camp or the other is right.

A snapshot of the current state of case law and Internal Revenue Service attitudes on FLPs, however, can help put current planning in perspective. While the latest case scores a significant victory for the use of FLPs, our conclusion is that a conservative approach to FLPs continues to work best.

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